Australias financial regulator, AUSTRAC, is pursuing a substantial $67 million penalty against Star Entertainment for significant violations of anti-money laundering and counter-terrorism financing regulations. The casino operator has acknowledged its failure to adequately vet high-risk patrons and its disregard for legal obligations. This recent controversy follows Star Entertainment’s provisional license revocation last year due to comparable compliance shortcomings. The organization has undergone leadership changes, with both its chief executive and Australian chief operating officer stepping down in preceding months. This situation underscores the heightened scrutiny of the gaming sector, as AUSTRAC is also taking measures against wagering behemoth bet365 for analogous infractions.
A recent clampdown on Australian gaming establishments saw AUSTRAC, the agency responsible for combating financial crimes, raise significant red flags about Crown Resorts. The watchdog cited the company’s tolerance of perilous practices and dubious patrons, who operated under the radar for an extended period without scrutiny.
This situation is not unique within the Australian wagering sphere. BlueBet was recently slapped with a substantial penalty for misleading marketing, while Star Entertainment is grappling with a deluge of claims regarding impropriety, prompting a mass departure of high-ranking officials such as chief executive Jessica Mellor and chairman John O’Neill. The entire sector appears to be plagued by issues.
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